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Blog Month: January 2021

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Delay in E-filing of 2020 returns but Three Reasons to File Early

The IRS announced that the opening of the 2020 individual income tax return filing season will be Friday, February 12. This is the date that 2020 returns can be e-filed with
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Say What?!? Wisconsin is going to tax my PPP?

The Wisconsin Department of Revenue recently announced on the WDR website a note to taxpayers regarding the Wisconsin-federal differences related to the treatment of expenses paid with PPP loan funds. It’s
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SBA Releases PPP Forgiveness Form for Loans of $150,000 or Less

The SBA released revised PPP Loan Forgiveness Application Form 3508S late Tuesday night.  This form was revised to now be applicable for borrowers that received $150,000 or less from either
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SBA Clarifies Second Draw Loan PPP Calculations, Gross Receipts, and Documentation Needed

The SBA provided clarifying documentation on January 19th in the form of FAQs regarding calculating the maximum second draw amount, definition of gross receipts for for-profit and not-for-profit organizations and
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COVID Relief Act Enhances Higher Education Tax Credits and Deduction

Getting a college education is expensive. It is also a great investment in your future as well as the future of your child or grandchild. There are some tax benefits
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SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19

Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders
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SBA Re-Opens Paycheck Protection Program Today

Are you currently banking with a Community Financial Institution (CFI)?  If so, you may be able to apply for a PPP2 first draw loan as early as today!  The SBA
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New Rules for Lease Accounting

The rules for accounting for leases in a set of financial statements in accordance with GAAP (Generally Accepted Accounting Principles) will change significantly starting in 2022.  The logic for making
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PPP Second Draw Application

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I’m a C Corporation – Should I Stay or Should I Convert Now?

The best choice of entity can affect your business in several ways, including the amount of tax you will pay. In some cases, businesses decide to switch from one entity